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Key Resistance Levels: 160.00, 162.00, 164.00
Key Support Levels: 150.00, 148.00, 146.00
EUR/JPY Price Long-term Trend: Bearish
The EUR/JPY pair has continued its descent into the area of the bearish trend as it hits level 154.42 in a downturn. The currency pair has been moving in a range between levels 157.00 and 158.50 since September 1. As the pair fell to a low of 154.34 on October 2, the bears broke through the lower price range.
The bulls bought the dips as the Yen corrected higher. Currently, the EUR/JPY exchange rate is 156.72 as of this writing. The inclining correction has reached a peak of 156.71. The 157.00 resistance level is where the Yen is being rejected on the upside.
The currency pair is probably going to continue to fall. The price indicator predicts that the market will fall but turn around at level 155.05.
Daily Chart Indicators Reading:
The horizontal moving average lines signify a sideways trend. The pair is now in a bearish crossing. The 21-day SMA, or the blue moving average line, is below the 50-day SMA, indicating a potential decrease in the price of the currency pair.
EUR/JPY Medium-term Trend: Bearish
The EUR/JPY is decreasing below the lower price range, at level 157.00. The bears broke through the support at level 157.00 on October 2 and retested it before making a strong decline. Bulls purchased the dips as the pair fell quickly to a low of level 154.42.
The pair corrected upward following the market decline of October 3 and a candle body tested the 78.6% Fibonacci retracement level. The correction predicts that the EUR/JPY will decline but turn around at the Fibonacci extension of 1.272 or level 155.05.
4–Hour Chart Indicators Reading:
The currency dropped sharply to the oversold territory as buyers joined the market to raise the price. The decreasing slope of the moving average lines indicates a decline. Bearish fatigue has been reached in the downturn.
General Outlook for EUR/JPY
The previous upswing has come to an end, and the EUR/JPY is now in decline as it hits level 154.42 in a downturn. The price of the currency pair is now ranging between 155.75 and 157.00. If the bears break through the current support around 155.75, the Yen would plunge much deeper, reaching a low of level 155.05.
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